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Yen wallows as Omicron fears subside and rate hikes loom

Wednesday, January 5, 2022
Yen wallows as Omicron fears subside and rate hikes loom © Reuters. FILE PHOTO: A U.S. hundred dollar bill and Japanese 10,000 yen notes are seen in this photo illustration in Tokyo, February 28, 2013. REUTERS/Shohei Miyano

By Tom Westbrook

SYDNEY (Reuters) - The yen was pinned near a five-year low on the dollar on Wednesday and nursing losses on other crosses as traders wagered the Bank of Japan would lag a looming wave of global policy tightening as inflation gallops ahead around the world.

The yen tumbled through support around 115.50 per dollar on Tuesday to hit the five-year trough at 116.35. It last sat at 116.15 per dollar. It also dropped through its 200-day moving average to a two-month low of 131.45 per euro and was hovering at 131.06 per euro early in the Asia session.

The yen fell to a more than six-year low against the Swiss franc and a seven-week trough on the Aussie.

"Sharply higher COVID-19 case numbers in the U.S. (and a little higher in China) appear to be primarily boosting supply-chain concerns and fears of higher inflation in the U.S., rather than boosting growth concerns," said Nomura economist Andrew Ticehurst.

This has led to a sharp jump in U.S. Treasury yields in the first trading days of the year and the widened gap on Japanese yields - anchored by the central bank - has hurt the yen.

The euro hovered near a two-week low against the dollar at $1.1279. The risk-sensitive Australian and New Zealand dollars also resumed an attempt to rally as fears of Omicron derailing the world's recovery subsided. [AUD/]

The kiwi last bought $0.6819 and the Aussie $0.7236. Both remain shy of resistance around $0.6857 and $0.7270 respectively. The U.S. dollar index was rangebound at 96.313.

Sterling, meanwhile, has rallied 2.7% in a dozen trading days since Dec. 20 as traders also reckon surging Omicron cases in Britain won't deter the Bank of England from lifting rates. The pound last bought $1.3527.

Minutes from the Federal Reserve's December meeting, due to be published at 1900 GMT, could underscore U.S. policymakers' newfound sensitivity to inflation and their readiness to act. Partial U.S. labour data on Wednesday and non-farm payrolls on Friday will also be watched for a guide to the trajectory.

Fed Funds futures show traders see rates lifting off by May. Analysts at Standard Chartered (OTC:SCBFF) now expect 25-basis point hikes in March and June rather than one hike in September.

U.S. two-year and five-year yields stand near pandemic highs and benchmark 10-year yields are up more than 14 basis points this week. [US/]

Against that leans some element of caution as markets remain thinned by holidays.

"Despite the explosive rally in USD/JPY, I still can't get excited about the idea of a stronger USD right now," said Brent Donnelly, trader and President at analytics firm Spectra Markets.

"The rates move certainly has grabbed everyone's attention but it's hard to know how much to read into a move on the first trading day of the year. The big question remains: Can the Fed hike more than a few times without breaking everything?"

========================================================

Currency bid prices at 0059 GMT

Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid

Previous Change

Session

Euro/Dollar

$1.1277 $1.1286 -0.08% -0.80% +1.1286 +1.1277

Dollar/Yen

116.2050 116.1450 +0.08% +1.06% +116.2350 +116.1200

Euro/Yen

131.05 131.07 -0.02% +0.56% +131.1700 +131.0100

Dollar/Swiss

0.9168 0.9167 -0.03% +0.47% +0.9168 +0.9160

Sterling/Dollar

1.3529 1.3527 +0.03% +0.05% +1.3535 +1.3528

Dollar/Canadian

1.2701 1.2706 -0.07% +0.42% +1.2706 +1.2697

Aussie/Dollar

0.7238 0.7239 +0.01% -0.41% +0.7244 +0.7233

NZ

Dollar/Dollar 0.6812 0.6809 +0.10% -0.42% +0.6820 +0.6802

All spots

Tokyo spots

Europe spots

Volatilities

Tokyo Forex market info from BOJ

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EUR/USD

1.1150

+0.0007 (+0.06%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

EUR/USD

1.1150

+0.0007 (+0.06%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

GBP/USD

1.3408

+0.0023 (+0.17%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (1)

USD/JPY

115.22

-0.12 (-0.10%)

Summary

Neutral

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (4)

Sell (1)

AUD/USD

0.6990

-0.0041 (-0.58%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (2)

Sell (5)

USD/CAD

1.2764

+0.0024 (+0.18%)

Summary

Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (4)

Sell (4)

EUR/JPY

128.46

-0.06 (-0.05%)

Summary

Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (4)

EUR/CHF

1.0381

+0.0013 (+0.12%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (6)

Gold Futures

1,790.10

-3.00 (-0.17%)

Summary

Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (5)

Sell (1)

Silver Futures

22.485

-0.191 (-0.84%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Copper Futures

4.3297

-0.0938 (-2.12%)

Summary

↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (0)

Sell (8)

Crude Oil WTI Futures

87.31

+0.70 (+0.81%)

Summary

Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (5)

Sell (1)

Brent Oil Futures

89.00

+0.83 (+0.94%)

Summary

Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (5)

Sell (2)

Natural Gas Futures

4.667

+0.384 (+8.97%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (8)

US Coffee C Futures

235.85

+3.80 (+1.64%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (8)

Euro Stoxx 50

4,136.91

-48.06 (-1.15%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (2)

S&P 500

4,431.85

+105.34 (+2.43%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (6)

Sell (0)

DAX

15,318.95

-205.32 (-1.32%)

Summary

Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (5)

Sell (1)

FTSE 100

7,466.07

-88.24 (-1.17%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (4)

Sell (4)

Hang Seng

23,550.08

-256.92 (-1.08%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

US Small Cap 2000

1,955.70

+24.41 (+1.26%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (9)

Sell (0)

IBEX 35

8,609.80

-96.20 (-1.10%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (6)

Sell (0)

BASF SE NA O.N.

68.510

+0.060 (+0.09%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Bayer AG NA

52.83

+0.25 (+0.48%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Allianz SE VNA O.N.

227.80

-0.90 (-0.39%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (10)

Sell (1)

Adidas AG

236.15

-6.00 (-2.48%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (0)

Deutsche Lufthansa AG

6.791

-0.254 (-3.61%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (5)

Sell (1)

Siemens AG Class N

138.34

-2.16 (-1.54%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (10)

Sell (0)

Deutsche Bank AG

11.912

-0.008 (-0.07%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (9)

Sell (0)

 EUR/USD1.1150↑ Sell
 GBP/USD1.3408↑ Buy
 USD/JPY115.22Neutral
 AUD/USD0.6990Sell
 USD/CAD1.2764Sell
 EUR/JPY128.46Sell
 EUR/CHF1.0381↑ Sell
 Gold1,790.10Buy
 Silver22.485↑ Buy
 Copper4.3297↑ Sell
 Crude Oil WTI87.31Buy
 Brent Oil89.00Buy
 Natural Gas4.667↑ Sell
 US Coffee C235.85↑ Sell
 Euro Stoxx 504,136.91↑ Buy
 S&P 5004,431.85↑ Buy
 DAX15,318.95Buy
 FTSE 1007,466.07Neutral
 Hang Seng23,550.08↑ Buy
 Small Cap 20001,955.70↑ Buy
 IBEX 358,609.80↑ Buy
 BASF68.510↑ Buy
 Bayer52.83↑ Buy
 Allianz227.80↑ Buy
 Adidas236.15↑ Buy
 Lufthansa6.791↑ Buy
 Siemens AG138.34↑ Buy
 Deutsche Bank AG11.912↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,170/ 6,230
(0/ 0) # 1,327
SJC HCM6,180/ 6,250
(0/ 0) # 1,333
SJC Hanoi6,180/ 6,252
(0/ 0) # 1,335
SJC Danang6,180/ 6,252
(0/ 0) # 1,335
SJC Nhatrang6,180/ 6,252
(0/ 0) # 1,335
SJC Cantho6,180/ 6,252
(0/ 0) # 1,335
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RON 95-IV2486025350
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E5 RON 92-II2359024060
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USD22.470,0022.780,00
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